Select Page

British Cycling and Shell: How HSBC pulling plug and COVID-19 hit governing body’s finances

British Cycling and Shell: How HSBC pulling plug and COVID-19 hit governing body’s finances

Great Britain’s Sophie Capewell at 2022 UCI Track Worlds (copyright Alex Broadway, SWpix.com).JPG Organisation under fire this week after revealing new partner, but last couple…

Friday, Oct 14

News

Great Britain’s Sophie Capewell at 2022 UCI Track Worlds (copyright Alex Broadway, SWpix.com).JPG Organisation under fire this week after revealing new partner, but last couple of years have seen huge loss of income

This week’s announcement by British Cycling of Shell UK as its new lead partner has been met with a backlash from many members, some taking to social media to say they are cancelling their membership, as well coming under criticism in the media and from environmental organisations.

> "Greenwashing, pure and simple" – fury as Shell UK sponsors British Cycling

But with more than two and a half years elapsing between the revelation that former lead sponsor HSBC was terminating its backing four years early, plus the impact of the coronavirus pandemic that followed immediately afterwards as well as what is likely to have been a limited pool of potential partners, could it be that the governing body felt compelled to take the offer, despite the inevitable reaction?

British Cycling’s latest annual accounts – made available to members ahead of its annual general meeting later this month and a copy of which has been seen by road.cc – show that the combination of that loss of HSBC sponsorship as well as the impact of the pandemic continue to hit its finances hard.

A key financial objective of British Cycling in recent years has been to reduce its reliance on public money, which comes in the form of grants from Sport UK, tied to targets and performance in […]

Share This